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    Gref noted the “miracles of ingenuity” of Russian business during the period of sanctions

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    A survey conducted by Sberbank among representatives of the business community showed that “the unprecedentedly difficult period of the Russian economy went better than all expectations,” said German Gref, head of the bank. He presented the results of the survey at the business breakfast “Russian Economy – New Deal. Priorities and Alternatives” within the framework of the St. Petersburg International Economic Forum (SPIEF).

    “Not a single forecaster hit the turning point that our economy has experienced and experienced quite successfully. We lost only 2.1 percentage points of GDP last year. And perhaps the most daring analyst did not make such a forecast, ”said Gref.

    According to him, the participants of the survey conducted on the eve of the SPIEF noted the professional work of the team of the government and the Central Bank. The head of Sberbank believes that the government made the most important decisions on time, thanks to which a number of industries did not feel much of serious structural changes.

    The main blow, Gref continued, “was aimed at the financial sector.” “The Bank of Russia responded in time with a number of regulatory changes, lowering the currency control mechanism, raising the rate, and then lowering the rate,” the speaker explained, emphasizing that the implementation of these measures softened “the powerful blow that occurred.”

    “And, of course, a business that has shown miracles of ingenuity in solving logistical problems and reorienting export flows from East to West and from West to East. Solutions were found very quickly to compensate the departing traditional suppliers from the Russian market and purchase the departing companies,” added Gref.Share:

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